Are US oil prices set for a test of $76?

Crude oil continues to run. Up 1.9% on the day.

Japan and Turkey also import significant amounts of Iranian oil, according to statistics from the U.S. Energy Information Agency.

But unexpected outages in Venezuela, Libya and Angola have effectively increased the cuts to some 2.8 million bpd in recent months and US sanctions are expected to cut Iran's output by a third - all threatening to push crude prices ever higher.

Nobkhat revealed that his government is creating an emergency budget which will be discussed by parliament along with the public budget.

Events since the meeting have further underlined how OPEC members are increasingly being left out of crucial production decisions being taken by Saudi Arabia and Russian Federation.

Oil prices climbed on Thursday, with USA crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran.

The United States has reinstated sanctions against Iran after quitting the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action.

So the commitment there is to add another million barrels per day; the market responded to this, they have tried to figure out how much this will actually add in terms of barrels to be added. Earlier this month, Indian Oil Corp., the country's largest refiner, said it was considering cutting Iran crude imports after a decision by government-run State Bank of India to stop dealing with Tehran.

Crude closes at a 3 1/2 year high amid shrinking stockpiles in the United States, disruptions at Libyan ports and other worldwide supply risks.

Colombia tie England's biggest game in a decade, says Southgate
Striker Kane has been in prolific scoring form, netting 135 goals in all competitions for Tottenham over the last four seasons. The organization has surprised everyone, I think it's given an incredible image of the Russian people, of Russia in general.

'If you're having Iran's oil taken off the market, then you have a decrease in supply.

Zanganeh was also told if the deal was blocked by Iran, it may lead to the withdrawal of Russian Federation from the agreement, the sources said.

Iran said Wednesday that despite the USA pressure asking buyers to halt purchase of Iranian oil to zero, it will be impossible to remove its crude from the market, Kallanish Energy learns.

The OPEC pledge last week fell short of market expectations given the prospects for a supply deficit of close to 2 million barrels per day.

For someone who has claimed to be unhappy about rising oil prices the Trump administration sure has a amusing way of showing it, or taking steps to achieve it.

But the result is a victory for Saudi Arabia, which stands to benefit most by tapping into its 2 million bpd spare capacity to make up for shortfalls from fellow Opec members.

The U.S. demands follow a decision by the Organization of the Petroleum Exporting Countries last week to increase production to try to moderate oil prices that have rallied more than 40 percent over the a year ago. Oil is in a new super cycle and these geopolitical events are going to keep supply tight.

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